HomeMy WebLinkAboutC09-023 Avon CenterTERMINATION AGREEMENT
This agreement ("Agreement') terminates certain parking covenants pertaining to
Lot B adjacent to the Avon Center, as further described below.
RECITALS
A. The parties set forth in the signature blocks below captioned 'Commercial
Unit Owners" constitute all of the current owners of the commercial condominium units
(the "Commercial Units") situated within Lot A, now known as Avon Center at Beaver
Creek -1 ( "Avon Center), legally described as follows:
Condominium Units 107, 109, 110 (also known as 109b), 113, 115, 121, 125,
127, 129, 130, 135, 200, 204, 208, 210, 214, 216, 218, 219, 220, 222, 224,
228, 230, 232, 234, and 236,
Avon Commercial Center, Level 1 and Level 2, A Resubdivision of Units 1101
Through 1116 And Units 1201 Through 1209, Avon Center At Beaver Creek -
1, Lot A, Avon Center At Beaver Creek A Resubdivision of Lots 47, 48, 50, 51,
52, 53, And 54, Block 2, Benchmark At Beaver Creek, Amendment No. 4,
according to the Condominium Map recorded January 15, 1997 in Book 716 at
Page 241, and as defined and described in the Condominium Declaration
recorded December 7, 1981 in Book 333 at Page 3, and Declaration of
Protective Covenants and Second Amendment to Condominium Declaration
recorded December 10, 1991 at Reception No. 464863, and Amendment to
Condominium Declaration recorded January 15, 1997 in Book 716 at Page
242, and First Amendment To Amended Condominium Declaration recorded
September 11, 1997 in Book 736 at Page 957 and Second Amendment to
Amended Condominium Declaration recorded April 11, 2000 at Reception No.
726943, and Third Amendment to Amended Condominium Declaration
recorded September 1, 2006 at Reception No. 200623959, County of Eagle,
State of Colorado.
[formerly known, collectively, as Condominium Units 1101/1102, 1103, 11D4,
1105/1106, 1107, 1108A, 1108B, 1109A, 1109B, 1110, 1111, 1112/1113,
1114, 1115, 1116, 1201, 1202, 1203, 1204, 1205, 1206, 1207, and 1209,
Avon Center At Beaver Creek -1, according to the Condominium Map recorded
December 11, 1981 in Book 333 At Page 285 and First Amendment thereto
recorded June 3, 1982 in Book 341 at Page 247 and as defined and described
in the Condominium Declaration recorded December 7, 1981 in Book 333 at
Page 3, County of Eagle, State of Colorado]
B. On December 10, 1991, a document captioned "Declaration of Protective
Covenants and Second Amendment to The Condominium Declaration Avon Center at
Beaver Creek - V was recorded in Book 568, Page 742, Reception No. 464863 (the
'1991 Declaration of Covenants'), in The Eagle County, Colorado real property records
(the "Official Records ").
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C. Stratford at Avon, LLC, a Colorado limited liability company, is the current
owner of Lot B as described in the 1991 Declaration of Covenants (the "Stratford
Property").
D. Article 5 of the Declaration of Covenants ( "Article 5') imposed a covenant
on Lot B.
E. For good and valuable consideration as described below, the Commercial
Unit Owners, the Avon Center at Beaver Creek — I Homeowners Association, a
Colorado nonprofit corporation (the "HOA "), and the Avon Commensal Owners
Association, a Colorado nonprofit corporation (the "COA ") have agreed to terminate
Article 5, thereby extinguishing same from title to the Stratford Property.
AGREEMENT
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which the parties hereby acknowledge, the parties agree as follows:
1. The undersigned Commercial Unit Owners, HOA and COA hereby
terminate Article 5 of the 1991 Declaration of Covenants In its entirety, thereby
extinguishing same from title to the Stratford Property (Lot B).
2. Upon the execution of this Termination Agreement by all. of the
undersigned parties, and the delivery of the fully executed Termination Agreement to
Land Tide Guarantee Company for recording, Land Title Guarantee Company shall
deliver a check to the HOA in the amount of Two Hundred Fifty Thousand Dollars
($250,000.00), made jointly payable to the HOA and the COA.
3. This Agreement may be executed in counterparts, all of which taken
together shall constitute one and the same agreement.
Agreed to effective as of December 1, 2008.
COMMERCIAL UNIT OWNERS:
[Signature Pages Follow]
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which provislons are hereby ratified and afflm ed as of the Effective Date of this
Agreement.
4. This Agreement may be executed in counterparts, all of which taken
together shall consd h to one and the same agreement,
Agreed to effective as of December 1, 2008 (the "Effedwe pate').
Stratford at Avon, LLC, a Colorado limited liability company
By:
its:
Avon Center at Beaver Creek —1 Homeowners Association, a Colorado nonproltt
corporation
By:
Its:
Avon Commercial Owners Association, a Colorado nonprofit corporation
By:
Re
Land Title Guarantee Company
By: LL
its: 1/•9.4 iasZ .k L .d•
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which provisions are hereby ratified ard affirmed as of the Eftctive Dais of this
Agreement.
4. This Agreement may be executed In courderpsrts, all of which taken
together shall ooratltule one and the same agreement.
AQrosd to effect M es of Decamber 1, 2006 (the 'ERedive Date -).
t3tratlbrd at Avon. LLC, a Colorado Imbed Nabltily oornpony
owl I \oe
Avon C"W at Beaver Creek —1 aim neoWws Aesocls*m, a Colorado nonproAt
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y: (I , ` "I
B
Its: ` i ZFT, h Cr N T-
Avon Comrasmiai Owners Aesocktkm, a Colorado nonprOlK Corporation
By: ,C -
Its: 42,.-;LZ �-
Land TWO Guarantee Company
By:
Ills:
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Condominium Unit 107
(Deed recorded January 28, 2000 at Reception No. 7214961
COUNTY OF EAGLE
By: Ifa f I A
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STATE OF COLORADO
COUNTY OF
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Ument wads acknowledged before �1 -7"
re me this " day of
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OF 9OUNTY COMMISSIONERS OF THE COUNTY OF
Witness my hand and official seal.
My Commission Expires:
NANCY R. WRIGHT
NOTARY PUBLIC
STATE OF COLORADO
My Commission Expires 12/18!2010
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Notary Public
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